What happened

Shares of Mission Produce (AVO 4.35%) were pulling back today after the avocado grower posted disappointing results in its fiscal fourth quarter ended Oct. 31, as avocado prices fell from the year-ago quarter.

As of 10:21 a.m. ET, the stock was down 14.3%.

So what

Following similar results earlier this week from peer Calavo Growers, Mission Produce missed estimates on the top and bottom lines.

Revenue was flat from the year-ago quarter at $238 million as avocado prices fell 10% and volume rose 6%, which missed estimates at $250 million.

On the bottom line, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell from $26.4 million in the quarter a year ago to $17.2 million, and it posted adjusted earnings per share of $0.13, down from $0.24 a year ago and much worse than the consensus at $0.37. The adjusted results exclude a $49.5 million goodwill impairment charge in its international farming business.

Management blamed a variety of factors for the weak performance, including lower prices, cost inflation, a disappointing sales mix, and a delay in its transition to Mexican production.

Now what

The company didn't give specific guidance for the current quarter but said it expected pricing to fall 20% to 25% compared to the $1.56 per pound average it got in the quarter a year ago. It also forecast higher volumes for the year, though it said early season production has been flat.

Mission Produce went public two years ago, and the stock is flat since its debut. These results and the ones from Calavo are a reminder that avocado growers are still at the mercy of commodity pricing in spite of solid growth in avocado demand.